Chainlink (LINK) is currently trading at $8.30, reflecting a 24-hour decline of 2.36%. The daily price range has been tight, with a high of $8.64 and a low of $8.30, indicating low volatility in the short term.

The trading volume stands at approximately 281 million, representing 4.78% of its market cap, which suggests moderate interest but a lack of strong buying pressure. The moving averages show a bearish trend, with the 8, 13, and 21 SMA indicating losses of around 2.5% to 2.7%, while the longer-term 55 and 144 SMA are down approximately 4.2% and 4.4%, respectively.

The Relative Strength Index (RSI) is concerning, with a 1-hour RSI at 23, indicating oversold conditions, while the 7-day RSI sits at 46, suggesting a neutral short-term outlook. Moreover, the 7-day, 14-day, and 30-day price changes reflect significant declines of over 14%, 30%, and 37%, respectively, pointing to a sustained downtrend.

Fundamentally, Chainlink's all-time high of $52.70 in May 2021 is a stark contrast to its current price, highlighting a substantial market correction. The current environment suggests that LINK is struggling to maintain upward momentum, with bearish sentiment dominating.

Given the technical indicators, including the bearish moving averages, low RSI values, and substantial recent price declines, the outlook for Chainlink appears negative. Therefore, the recommendation is to Sell, as the market conditions and price action do not indicate a reversal or recovery in the near term.